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Rio Grande Credit Union
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Your FICO Score

Your FICO® Score

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Your Score

Check your FICO® Score for free

Your credit score is important. It can affect your loan interest rates, your ability to secure a job, and much more. That's why we want to give you access to your score whenever you want – all for free. Rio Grande Credit Union will update your credit score once per quarter. All you have to do is log into our Mobile App.

  • Log in to Rio Grande Credit Union’s mobile banking app.
  • Tap the menu in the top-left corner.
  • Select Your FICO® Score.
  • Get the app to start viewing your FICO® Score. Download it for iOS or Android.

Apple App Store  Google Play   


Why your FICO® Score is important

Your FICO® Score is a key component of your financial wellbeing. It helps determine your ability to get a loan and what rate it will have. The higher the credit score, the better financing options and rates you have.

And while most people know that your credit score can impact loan decisions, but did you know it can also alter your insurance rates? And that’s not all. Your credit score can also affect:

  • Your chances of renting an apartment
  • Your ability to get a job
  • Whether you can get a cell phone contract
  • Whether you need a deposit for your utility company

What is a good FICO® score?

The point above which a lender would accept a new application for credit, but below which, the credit application would be denied, is known as the "score cutoff". Since the score cutoff varies by lender, it's hard to say what a good FICO® Score is outside the context of a particular lending decision. Below is a typical credit score cutoff range.

FICO Calculation

Learn more about your FICO® Score, including how your score is calculated, please review Frequently Asked Questions in the next tab.


FICO® is a registered trademark of Fair Isaac Corporation in the United States and other countries.

Rio Grande Credit Union and Fair Isaac are not credit repair organizations as defined under federal or state law, including the Credit Repair Organizations Act. Rio Grande Credit Union and Fair Isaac do not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating.

Frequently Asked Questions

Here are some answers to some frequently asked questions. For a more comprehensive guide to FICO®, click here.


What are FICO® Scores?

FICO® Scores are the most widely used credit scores. Each FICO® Score is a three-digit number calculated from the data on your credit reports at the three major consumer reporting agencies—Experian, TransUnion and Equifax. Your FICO® Scores predict how likely you are to pay back a credit obligation as agreed. Lenders use FICO® Scores to help them quickly, consistently and objectively evaluate potential borrowers’ credit risk.


Why are you providing FICO® Scores?

Nearly all lenders in the U.S., including RGCU, use FICO® Scores, as the industry standard for determining credit worthiness. Reviewing your FICO® Scores can help you learn how lenders view your credit risk and allow you to better understand your financial health.


What goes into FICO® Scores?

FICO® Scores are calculated from the credit data in your credit report. This data is grouped into five categories; the chart below shows the relative importance of each category.

  1. 35% - Payment history: Whether you've paid past credit accounts on time
  2. 30% - Amounts owed: The amount of credit and loans you are using
  3. 15% - Length of credit history: How long you've had credit
  4. 10% - New credit: Frequency of credit inquires and new account openings
  5. 10% - Credit mix: The mix of your credit, retail accounts, installment loans, finance company accounts and mortgage loans

 FICO Score Makeup


What are score factors?

Score factors are delivered with a consumer’s FICO® Score, these are the top areas that affected that consumer’s FICO® Scores. The order in which the score factors are listed is important. The first factor indicates the area that most affected the score and the second factor is the next most significant influence. Addressing these factors can benefit the score.


Why is my FICO® Score different than other scores I’ve seen?

There are many different credit scores available to consumers and lenders. FICO® Scores are the credit scores used by most lenders, and different lenders may use different versions of FICO® Scores. In addition, FICO® Scores are based on credit file data from a consumer reporting agency, so differences in your credit files may create differences in your FICO® Scores.


Why do FICO® Scores fluctuate/change?

There are many reasons why a score may change. FICO® Scores are calculated each time they are requested, taking into consideration the information that is in your credit file from a consumer reporting agency at that time. So, as the information in your credit file at that CRA changes, FICO® Scores can also change. Review your key score factors, which explain what factors from your credit report most affected a score. Comparing key score factors from the two different time periods can help identify causes for a change in a FICO® Score. Keep in mind that certain events such as late payments or bankruptcy can lower FICO® Scores quickly.


Will receiving my FICO® Score impact my credit?

No. The FICO® Score we provide to you will not impact your credit.


How do I check my credit report for free?

You may get a free copy of your credit report from each of the three major consumer reporting agencies annually. To request a copy of your credit report, please visit: www.annualcreditreport.com. Please note that your free credit report will not include your FICO® Score. Because your FICO® Score is based on the information in your credit report, it is important to make sure that the credit report information is accurate.


How often will I receive my FICO® Score?

Program participants will receive their FICO® V8 Score updated on a quarterly basis, when available.


Why is my FICO® Score not available?


  • You are a new account holder and your FICO® Score is not yet available
  • Your credit history is too new
  • You are not the primary account holder.
  • You have a business account; this benefit is available only to personal consumer accounts
  • Your account is closed

Additional FICO® Score Information



FICO® Score Educational Videos


 


**Spanish language closed captioning provided for all educational videos.

FICO is a registered trademark of Fair Isaac Corporation in the United States and other countries.

Rio Grande Credit Union and Fair Isaac are not credit repair organizations as defined under federal or state law, including the Credit Repair Organizations Act. Rio Grande Credit Union and Fair Isaac do not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating.

 

Frequently Asked Questions-Spanish


¿Qué son los FICO® Scores?

Los FICO® Scores son los puntajes de crédito más utilizados. Cada FICO® Score es un número de tres dígitos que se calcula a partir de la información en sus informes de crédito de las tres principales agencias de informes de los clientes: Experian, TransUnion y Equifax. Sus FICO® Scores predicen la probabilidad de que usted pague una obligación de crédito según lo acordado. Los prestamistas usan FICO® Scores para evaluar el posible riesgo de crédito de prestatarios de manera rápida, consistente y objetiva.


¿Por qué genera FICO® Scores?

Casi todos los prestamistas en los EE. UU., incluido Rio Grande Credit Union, usan FICO® Scores como el estándar de la industria para determinar la solvencia crediticia. Revisar sus FICO® Scores puede ayudarle a saber la percepción que tienen los prestamistas de su riesgo de crédito, así como a entender adecuadamente su estado financiero.


¿Qué se registra en los FICO® Scores?

Los FICO® Scores se calculan a partir de la información de crédito en su informe de crédito. Esta información se agrupa en cinco categorías; la siguiente gráfica muestra la importancia relativa de cada categoría.

  1. 35%, historial de pago: Si ha pagado cuentas de crédito anteriores a tiempo
  2. 30%, cantidad que debe: La cantidad de crédito y préstamos que usa
  3. 15%, duración del historial de crédito: El tiempo que ha tenido crédito
  4. 10%, crédito nuevo: Frecuencia de consultas de crédito y nuevas aperturas de cuenta
  5. 10%, tipos de crédito: La combinación de su crédito, cuentas minoristas, préstamos en cuotas, cuentas de la empresa financiera y préstamos hipotecarios

 FICO Score


¿Qué son los factores del puntaje?

Los factores del puntaje se proporcionan con el FICO® Score del cliente, los cuales son las áreas principales que afectaron los FICO® Scores de ese cliente. El orden en que se detallan los factores del puntaje es importante. El primer factor indica el área que más afectó el puntaje y el segundo es el que tiene la siguiente influencia más importante. Abordar estos factores puede beneficiar el puntaje.


¿Por qué mi FICO® Score es diferente a los otros puntajes que he visto?

Hay muchos puntajes de crédito diferentes disponibles para los clientes y prestamistas. Los FICO® Scores son los puntajes de crédito usados por la mayoría de los prestamistas, y los diferentes prestamistas pueden usar diferentes versiones de los FICO® Scores. Además, los FICO® Scores se basan en datos del archivo de crédito de una agencia de informes de los clientes, por lo que las diferencias en sus archivos de crédito pueden generar diferencias en sus FICO® Scores.


¿Por qué los FICO® Scores varían o cambian?

Un puntaje puede cambiar por muchas razones. Los FICO® Scores se calculan cada vez que se solicitan, considerando la información que está en ese momento en su archivo de crédito de una agencia de informes de los clientes. Por lo tanto, conforme la información de su archivo de crédito en esa consumer reporting agency (CRA, agencia de informes de los clientes) cambia, los FICO® Scores también pueden cambiar. Revise sus factores del puntaje clave, que explican qué factores de su informe de crédito afectaron más un puntaje. Comparar los factores del puntaje clave de los dos diferentes periodos puede ayudar a identificar las causas de un cambio en el FICO® Score. Considere que algunas situaciones como pagos atrasados o bancarrota pueden reducir rápidamente sus FICO® Scores.


¿Recibir mi FICO® Score afectará mi crédito?

No. El FICO® Score que le proporcionemos no afectará su crédito.


¿Cómo reviso mi informe de crédito de forma gratuita?

Puede obtener anualmente una copia gratuita de su informe de crédito de cada una de las tres principales agencias de informes de los clientes. Para solicitar una copia de su informe de crédito, visite: www.annualcreditreport.com. Tome en cuenta que su informe gratuito de crédito no incluirá su FICO® Score. Debido a que su FICO® Score se basa en la información de su informe de crédito, es importante que se asegure de que la información en el informe de crédito sea correcta.


¿Con qué frecuencia recibiré mi FICO® Score?

Los participantes del programa recibirán su FICO® V8 Score actualizado cada trimestral, cuando esté disponible.


¿Por qué no está disponible mi FICO® Score?

  • Usted es titular de una cuenta nueva y su FICO® Score todavía no está disponible.
  • Su historial de crédito es demasiado nuevo.
  • Usted no es el titular principal de la cuenta.

Información adicional de FICO® Score



Videos educativos sobre FICO® Score


 


**Se incluyen subtítulos en español para todos los videos educativos.

FICO es una marca registrada de Fair Isaac Corporation en los Estados Unidos y otros países.

Rio Grande Credit Union y Fair Isaac no son organizaciones de reparación de crédito conforme las definiciones de la ley federal o estatal, incluida la Ley de Organizaciones de Reparación de Crédito. Rio Grande Credit Union y Fair Isaac no proporcionan servicios de "reparación de crédito" ni asesoría o asistencia en relación con la "reconstrucción" o "mejora" de su registro de crédito, historial de crédito o valoración de crédito.